Tips on Saving Money for Students

As a student, it can be tough to save what little money you have. Whether you still live at home while attending school, or you live away from home, it is important to save money in these crucial years of your life. It is important to start building your savings now before you have to pay a mortgage and depending on where you live, mortgage rates Hamilton can be very expensive. Here are a couple of tips for saving money when you are a student:

 

Do not spend money on eating or drinking out

When you are a student and are surrounded by other students it is easy to want to constantly eat out. Going out clubbing and spending money on drinks is not cheap either. The best way to get around this is by having a monthly food and drinks budget. If you go to your local Costco or No Frills every week and buy yourself some groceries that you can cook meals with every day, you will save a lot of money on food. You can even make a meal plan and buy groceries according to what ingredients you will need for each meal. To save money on going clubbing, you can host a party where you invite guests to bring their own liquor, that way you will only have to provide minimal amounts of alcohol, while still having a good time with your friends. Another fun activity is to cook or bake with your friends. You can have a day where each of you brings a certain ingredient and you can get together and cook some lasagna or bake some brownies together.

 

Find a job

Having a job while studying can be stressful, but it is not impossible. In fact, studies suggest that if you want to live comfortably in your mid to late 20′s it all depends on how much you save while you are still studying. Finding a job in the field for which you are studying, can be difficult with the current economic state and it is good to have savings to fall back on. Getting a part time job can be fairly easy, especially if the school you go to provide jobs for students. The hours for these kinds of jobs are often very flexible and they pay a good enough wage. You can also try your hand at being a waiter or waitress at a nearby fast food chain, such as McDonald’s or you can get a job at a restaurant.   Working at a restaurant is often more beneficial, as you can make more money in tips. However, these are not the only jobs you can apply for, you can even work at your local Petro Canada gas station or work at the Walmart closest to you.

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